Nexstar Swings to Profit in 4Q

March 9, 2010

IRVING, TEXAS: Nexstar’s 63 TV stations generated net income
of $967,000 on revenues of $73.9 million for the quarter ending Dec. 31, 2009. Nexstar
posted a net loss of $18.4 million for the third quarter, and $21.3 million
during the fourth quarter of 2008, when the company took a $33.9 million
impairment.

“Nexstar generated strong fourth quarter financial results despite the cyclical
impact of significantly lower political advertising,” said Nexstar chief Perry
Sook. “With the improving economy and the successful execution of our new
business development strategies, Nexstar generated a 6 percent year-over-year
increase in non-political gross local spot revenue and an 11 percent rise in
non-political gross national spot revenue.”

Auto advertising in 4Q09 was down 7.7 percent from the same period a year ago
andup 25 percent compared to 3Q09.

Retransmission revenues were $6.4 million, up 62 percent from the year earlier;
e-Media revenues rose 19.6 percent to $3.4 million, a record amount for the
source. Another $700,000 came from management fee revenue.

“With the ad environment improving and auto advertising increasing, Nexstar
expects a return to growth in 2010,” Sook said. “Operating results will benefit
from increases in overall advertiser spending, the strength of the Super Bowl
and Olympic broadcasts, significant political revenue and continued growth of
revenue derived from retransmission agreements, e-MEDIA, and management fees.”

Full-year revenues for 2009 were nearly $252 million, compared to $285 million
for 2008; net loss was $12.6 million compared to $78 million for 2008.

Total debt at Dec, 31, 2009 was $670.4 million. Consolidated total net debt was
$495.7, excluding around $132.3 million in senior subordinated 7 percent payment-in-kind
notes as well as approximately $42.4 million in senior subordinated 12 percent PIK
notes. As defined in Nexstar’s credit agreement, the company’s total leverage
ratio as of Dec. 31, 2009 was 6.8x compared to a total permitted leverage
covenant of 8.75x.

April 1, 2009: “Nexstar 4Q Revenues
Rise”
The 50 or so Nexstar Broadcasting TV stations generated revenues of $80.3
million during the three months ending Dec. 31 2008, up 12 percent from a year
earlier.